Nevada marijuana tax revenues top $31M from July to October

Nevada marijuana tax revenues top M from July to October

Tax revenue from Nevada’s marijuana industry beat expectations and generated more than $31 million between July and October, with a majority coming from Clark County, according to the Nevada Department of Taxation. The department said Monday marijuana taxes generated more than 45 percent of the total projection for the fiscal year in just the first four months after hitting $31.72 million. About 80 percent of the revenue came from Clark County and 14 percent from Washoe County. “We saw a strong upward revenue trend through the first year, and by comparison, the numbers for the first four months of the second fiscal year show a more level pattern thus far,” Bill Anderson, executive director of the Nevada Department of Taxation, said in a statement. “In all likelihood, we will see fairly steady revenue figures across the remaining eight months of the fiscal year, likely with some modest fluctuations up and down.” Total sales of recreational marijuana totaled $41.71 million in October. October marked the recreational marijuana industry’s 16th month of operations in Nevada. The wholesale marijuana tax, a 15 percent rate that is paid by medical and recreational marijuana cultivators, brought in $4.07 million in October, its biggest month yet. Revenue from this tax reached a…

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Source : CANNANNEW REPORT
Link to original : Nevada marijuana tax revenues top M from July to October
reposted by Cannabis News World

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